XL Group Investments Ltd reduced its stake in shares of Credit Acceptance Corporation (NASDAQ:CACC) by 7.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175,217 shares of the credit services provider’s stock after selling 13,842 shares during the quarter. Credit Acceptance comprises approximately 12.6% of XL Group Investments Ltd’s portfolio, making the stock its 2nd largest holding. XL Group Investments Ltd owned about 0.91% of Credit Acceptance worth $49,091,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently made changes to their positions in the stock. Abrams Bison Investments LLC raised its stake in Credit Acceptance by 0.9% during the 2nd quarter. Abrams Bison Investments LLC now owns 1,169,556 shares of the credit services provider’s stock worth $300,740,000 after acquiring an additional 10,157 shares in the last quarter. BlackRock Inc. raised its stake in Credit Acceptance by 11.4% during the 2nd quarter. BlackRock Inc. now owns 446,139 shares of the credit services provider’s stock worth $114,720,000 after acquiring an additional 45,768 shares in the last quarter. Beck Mack & Oliver LLC raised its stake in Credit Acceptance by 0.7% during the 2nd quarter. Beck Mack & Oliver LLC now owns 363,977 shares of the credit services provider’s stock worth $93,593,000 after acquiring an additional 2,682 shares in the last quarter. Koch Industries Inc. acquired a new stake in Credit Acceptance during the 2nd quarter worth $240,000. Finally, Dimensional Fund Advisors LP raised its stake in Credit Acceptance by 1.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 179,251 shares of the credit services provider’s stock worth $46,095,000 after acquiring an additional 3,415 shares in the last quarter. Hedge funds and other institutional investors own 72.07% of the company’s stock.
Several brokerages recently commented on CACC. Bank of America Corporation lifted their price target on shares of Credit Acceptance from $195.00 to $230.00 and gave the stock an “underperform” rating in a research note on Tuesday, October 31st. Credit Suisse Group lifted their price objective on shares of Credit Acceptance from $200.00 to $225.00 and gave the company an “underperform” rating in a research note on Tuesday, October 31st. BMO Capital Markets restated a “market perform” rating and issued a $252.00 price objective (up from $238.00) on shares of Credit Acceptance in a research note on Tuesday, October 31st. Jefferies Group LLC restated a “hold” rating and issued a $260.00 price objective (up from $240.00) on shares of Credit Acceptance in a research note on Tuesday, October 10th. Finally, Zacks Investment Research lowered shares of Credit Acceptance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Four analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $229.78.
Credit Acceptance Corporation (NASDAQ:CACC) opened at $288.46 on Monday. The company has a quick ratio of 17.63, a current ratio of 17.63 and a debt-to-equity ratio of 2.12. The company has a market cap of $5,570.00, a price-to-earnings ratio of 14.34, a price-to-earnings-growth ratio of 1.18 and a beta of 0.51. Credit Acceptance Corporation has a one year low of $182.50 and a one year high of $299.92.
Credit Acceptance (NASDAQ:CACC) last posted its quarterly earnings data on Monday, October 30th. The credit services provider reported $5.43 EPS for the quarter, beating analysts’ consensus estimates of $5.15 by $0.28. The company had revenue of $283.90 million for the quarter, compared to analyst estimates of $281.03 million. Credit Acceptance had a net margin of 35.29% and a return on equity of 32.08%. Credit Acceptance’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.53 earnings per share. equities research analysts anticipate that Credit Acceptance Corporation will post 20.84 EPS for the current year.
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About Credit Acceptance
Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company’s financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans.
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